PURMIT Board of Trustees Meeting
June 14, 2017
12:30 p.m.
Minutes
Trustees Present: Ryan Hagemann (WOU) Brian Roy (PSU), Patrick Hughes (OSU), Vivian Chen (OIT), and Craig Morris (SOU)
Others Present: Ryan Britz (Berkley) and James Parker (DWT)
Call to Order
Chair Brian Roy called the meeting to order at 12:37 p.m.
Roll Call
Roll call was taken.
The Board adjourned the regular meeting and went into Executive Session at 12:40 p.m. to address documents and information relating to PURMIT trade secrets and attorney-client communications relating to the 2017 – 18 allocation model, handling of PURMIT documents and potential and/or current litigation. The executive session was held pursuant to ORS 192.660(2)(f) and ORS 192.660(2)(h).
The Board exited Executive Session at 1:42 p.m.
Final Decisions Related to Executive Session Discussions (if any)
Mr. Parker noted that the Trustees need to decide on the social engineering limit and the allocation model to be utilized for the upcoming fiscal year. The allocation includes all the items previously discussed with the exception of the premium increase should the Trustees elect to buy the increased limits. In addition, the direction to Berkley will include the instruction to bind the allocation selected by the Trustees which is inclusive of insurance premiums, operational costs, actuarial loss picks and margin factor. The Trustee vote will also include permission for Berkley to instruct Brown & Brown to bind the insurance coverages previously discussed.
Action:
A motion was made by Mr. Roy to purchase the social engineering limit of $250,000. The motion was seconded by Mr. Morris. The motion carried with no objections.
The Trustees discussed the allocation options presented for the 2018 fiscal year.
Action:
A motion was made by Mr. Morris to approve the allocation model including a 5% margin factor as presented and authorize Berkley to cause insurance coverage to be bound as presented therein. The motion was seconded by Mr. Hagemann. Mr. Hughes objected and reiterated his preference for the no margin factor option. The motion carried with four votes in favor and one vote against (Hughes).
Adjourn
The Board adjourned the meeting at 1:58 p.m.